Thursday, April 27, 2017

Nigerian President Muhammadu Buhari is seeking parliament's approval for a proposal to borrow $5.85 billion from China to modernize its rail network. Buhari urged parliament in a letter to approve the railway borrowing because China has a limit on funds available from its China Africa Fund. The president wants to sign loan agreements as soon as China approves the project. Buhari also asked lawmakers to also approve a $1.075 billion loan to help rebuild the northeast, which has been ravaged by the Boko Haram insurgency, and to expand support to the poor in Nigeria.